TITLE
Title
AMENDMENT TO ESCROW DEPOSIT AGREEMENT - GUILFORD SERIES 2017 GO REFUND BONDS
end
SPONSOR
Sponsor
Derrick Bennett
BACKGROUND
Background
In October 2017, the County entered into an escrow agreement for Series 2017 General Obligation (GO) Refund bonds. The agreement required the purchase of State and Local Government Securities (SLGS) from the US Treasury to offset interest. The purchase of SLGS was suspended by the Treasury Department, which caused the funds to remain in cash and increased the County's estimated liability between a range of $46,000 through $190,000. The County is amending the Escrow Agreement to mitigate expected cost through the purchase of other suitable obligations in the open market.
BUDGET IMPACT
Budget Impact
NO ADDITIONAL COUNTY FUNDS REQUIRED
REQUESTED ACTION
Requested Action
Approve amendment to escrow agreement allowing the purchase of Substitute Defeasance Obligations as part of the escrow agreement for Guilford 2017 General Obligation (GO) Refund Bonds.